Thread: Buffett Says He Can’t See Rationale for Bank Levy

Originally Posted by tsptalk

Buffett Says He Can’t See Rationale for Bank Levy

"Warren Buffett opposes President Barack Obama’s proposed levy on financial institutions because firms including Goldman Sachs Group Inc. and Wells Fargo & Co. already repaid bailout funds.

“I don’t see any reason why they should be paying a special tax,” said Buffett, the chairman and chief executive officer of Berkshire Hathaway Inc., in an interview on Bloomberg Television today. Supporters of the plan to tax the banks “are trying to punish people,” he said. “I don’t see the rationale for it.”

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More appropriate to Fire the drafters of the Bank Bailout! If they wanted to limit the salaries of the employees (bonuses are part of their salary by contract) it should have been part of the agreement before they accepted the CASH!! IMHO!

I heard Buffet's comment and was interested because it provides the perspective of the non-impacted rich man. (He's well above the lower Maslow's pyramid levels where the impacted reside). While these pass through fees are a smokescreen for the masses, real punishment for the clever financial instrument creators and sellers is even more warranted than punishment for the loan originators and borrowers, and the short term focused Re-election Party members, all of whom brought the nation to its knees. Ought to be treason...it would be in a banana republic.